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Coverage Initiated on Junior with 'Near-Term Revenue Potential and Big Exploration Upside'

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Source: Streetwise Reports   02/12/2021

Omineca Mining & Metals’ two exploration programs at its Wingdam project are covered in a Mackie Research Capital Corp. report.

In a Feb. 8 research report, analyst Bill Newman reported that Mackie Research Capital Corp. initiated coverage on Omineca Mining and Metals Ltd. (OMM:TSX.V; OMMSF:OTCMKTS), a two-pronged exploration play, with a Speculative Buy recommendation and a CA$0.75 per share price target. In comparison, the stock is currently trading at about CA$0.28 per share.

“We believe Omineca is a compelling investment opportunity given that the company could be on the cusp of establishing placer gold production,” Newman wrote. “Exploration is also underway for the lode gold source of the Wingdam placer gold, which provides substantial speculative upside appeal.”

Newman explained that Wingdam is Omineca’s flagship project, located in British Columbia’s historical Cariboo Mining District. The property includes 500 square kilometers of placer and hardrock tenures throughout and around the Lightning Creek valley. Omineca has an earn-in partner on Wingdam. For an eventual 50% of the placer gold recovered from the project, the partner is providing all equipment, labor and services needed to start mining there.

Currently, Newman noted, with respect to the placer gold, preparations are being done to restart bulk sampling, along the first 300 meters (300m) of the paleochannel at Wingdam. Previously, some sampling was carried out in 2012, which yielded 173.5 ounces of gold, with an average grade of 13.6 grams per ton, from a 2.4m wide by 23.4m long crosscut drift. The goal is to begin recovering gold at Wingdam in early Q2/21.

“If Omineca could repeat the 2012 bulk sample test results down the paleochannel, the company has the potential to produce 35,000 ounces of gold per year (gross),” Newman highlighted.

As for Omineca’s lode gold “blue sky potential,” the company’s 100%-owned, 51,000 hectares of hardrock mineral tenures are “in a parallel trend and in mirror image to the 5,000,000 ounce Cariboo gold project” owned by Osisko, Newman explained.

“The Wingdam and Cariboo gold projects share similar lithology and structure, which are the two main ingredients for the discovery of an economic gold deposit,” he added.

Based on ground and airborne geological and geophysical studies to identify the source of the placer gold, Omineca identified a strong electromagnet signature near the 2012 bulk sample. With that area now its focus, the company, in Q4/20, launched a 27-hole, 8,000m drill program, now in progress. Initial results are anticipated this quarter.

Newman provided the upcoming catalysts for Omineca. They are two sets of initial results, one of the paleochannel sampling and the other of the exploration drilling. In addition, maiden diamond drill results are expected from Mouse Mountain, on which Omineca has an option agreement. Mouse Mountain is about 15 kilometers to the west of Wingdam.

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1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Omineca Mining and Metals. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with Omineca Mining and Metals. Please click here for more information.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Omineca Mining and Metals, a company mentioned in this article.

Disclosures from Mackie Research, Omineca Mining and Metals Ltd., Initiating Coverage, February 8, 2021

1. This Issuer has generated investment banking revenue for MRCC.
2. Relevant disclosures required under IIROC Rule 3400 applicable to companies under coverage discussed in this research report are available on our web site at

Each analyst of Mackie Research Capital Corporation whose name appears in this report hereby certifies that (i) the recommendations and opinions expressed in this research report accurately reflect the analyst’s personal views and (ii) no part of the research analyst’s compensation was or will be directly or indirectly related to the specific conclusions or recommendations expressed in this research report.

Mackie Research Capital Corporation, its directors, officers and other employees may, from time to time, have positions in the securities mentioned herein.

( Companies Mentioned: OMM:TSX.V; OMMSF:OTCMKTS, )


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